During the forecast period, the on-board magnetic sensor market is expected to develop at a compound annual growth rate (CAGR) of 9.4% from its 2023 valuation of USD 1.9 billion. There are several uses for these magnetic sensors in consumer electronics. growing need for ADAS and automotive safety for functions like angle measurement, speed detection, and position sensing. The need for these sensors is further fueled by the growing popularity of hybrid and electric cars.

On-board magnetic sensors for orientation and motion detection are becoming more and more necessary as smartphones, wearables, gaming consoles, and VR/AR gadgets become more widely used. In robotics, motor control, and industrial automation, magnetic sensors are essential components that complement the trends of predictive maintenance and smart manufacturing.

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Growth Drivers

The market is expanding thanks to the growing usage of magnetic sensors in medical devices such MRI scanners, prosthetic limbs, and diagnostic tools. Magnetic sensors aid in the positioning, alignment, and efficiency optimization of solar panels and wind turbines, which further propels the market's growth. Advances in magneto resistive and Hall-effect sensor technology have increased power efficiency, sensitivity, and compactness.

The demand for magnetic sensors is rising across a range of applications due to their widespread use in IoT-enabled devices for tracking, security, and energy-efficient operations. The market is expanding due to the growing need for magnetic sensors in factory automation, robotics, and motor control.

Segmentation

Based on type

·         Hall Effect Sensors (Hall ICs, Hall element)

·         Magneto resistive Sensors (anisotropic magneto resistive (AMR) sensors, giant magneto resistive (GMR) sensors, tunnel magneto resistive (TMR) sensors)

·         SQUID Sensors (high–temperature SQUID, low–temperature SQUID)

·         Fluxgate Sensors

·         Others (optically pumped, magneto diode, magneto-optical, search coil, magneto inductive, Over Hauser, reed)

Based on range

·         <1 micro gauss

·         1 micro gauss–10 gauss

·         >10 gauss

Based on application

·         Speed Sensing

·         Proximity Detection/NDT

·         Position Sensing

·         Navigation and Electronic compass

·         Flow rate Sensing

·         Others (magnetoencephalography (MEG), magnetic resonance imaging (MRI), magnetocardiography (MCG), magnetomyography, and magneto neurography as well as rotational reference detection)

Based on end-user industry

·         Transportation

·         Consumer Electronics

·         Healthcare

·         Aerospace & Defense

·         Industrial

·         BFSI

·         Others (energy & power, food & beverages (F&B), and research)

By Region

·         Asia-Pacific

·         North America

·         Latin America

·         Middle East and Africa

·         Europe

Key Players

·         Asahi Kasei Corporation

·         Allegro MicroSystems, LLC

·         Infineon Technologies AG.

·         TDK Corporation

·         Melexis

·         Honeywell International Inc.

·         TE Connectivity

·         Ams AG

·         Kohshin Electric

·         NXP Semiconductors

·         Other Players

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